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Apr 19, 2013
04/13
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look, economics are fiscal situation, the deficit, the budget, are all threats to the security. there's a lot of physical seen and unseen threats out there that perhaps are different even from when admiral mullen made that comment. i align myself with the economic piece of it. there are just groups out there that threaten us. ? 0. >> thank you. it is important for us, i think to remember the president's budget despite proposing significant tax increases would still contemplate adding $12.db $2.5 trillion head by the total public. .. >> future years covered by the budget control act. will we continue to see budget that is ignore provisions, ignore the sequester provisions? can you expect budgets like that to be sent to congress that don't reflect the law? secretary hagel? >> the fy15 budget we'll present
look, economics are fiscal situation, the deficit, the budget, are all threats to the security. there's a lot of physical seen and unseen threats out there that perhaps are different even from when admiral mullen made that comment. i align myself with the economic piece of it. there are just groups out there that threaten us. ? 0. >> thank you. it is important for us, i think to remember the president's budget despite proposing significant tax increases would still contemplate adding...
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Apr 18, 2013
04/13
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weekend fix the budget that reduces the deficit by $1.2 trillion over 10 years and that would take a grand bargain including spending cuts and additional revenues. would turn off the automatic spending cuts and sequestration for those 10 years. i remain hopeful we can develop such a bipartisan plan but absent a so-called grand bargain, surely we could devise a balanced deficit reduction package for one year that avoid sequestration in fy2014. we simply cannot continue to ignore the effects of sequestration. sequestration will have a major impact on military personnel. the pay of military personnel has been exempt it will ask them -- for troops including schools, military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues the measure drawdown of active duty and present and strength. we have in recent years given the department numerous force shaping authorities to allow us to reduce the debt strength in a responsible way, ensuring that the service maintains the proper enforcemen
weekend fix the budget that reduces the deficit by $1.2 trillion over 10 years and that would take a grand bargain including spending cuts and additional revenues. would turn off the automatic spending cuts and sequestration for those 10 years. i remain hopeful we can develop such a bipartisan plan but absent a so-called grand bargain, surely we could devise a balanced deficit reduction package for one year that avoid sequestration in fy2014. we simply cannot continue to ignore the effects of...
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Oct 11, 2013
10/13
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now, of course, the deficit's different from the debt. the deficit's how we measure the amount of money coming into the treasury and how much goes out in a given year, and now we're spending roughly 16 cents on the dollar of borrowed money, more money than was coming in, but the president actually was taking credit for the annual deficits decrease. now, the deficit can be zero this year and we would still have $16.7 trillion in debt. those are related but different issues, because the debt accumulates over many years where you spend more money than you have actually coming in. but the president was taking credit for the reduction in annual deficits when, in fact, if you look back, the two reasons why the deficit has gone down this year is because, number one, one of the largest tax increases in american history that the president demanded in january of this last year, that was the fiscal cliff negotiation, and secondly, it was the budget control act. and the sequester, which is actually capped discretionary spending for the last two years
now, of course, the deficit's different from the debt. the deficit's how we measure the amount of money coming into the treasury and how much goes out in a given year, and now we're spending roughly 16 cents on the dollar of borrowed money, more money than was coming in, but the president actually was taking credit for the annual deficits decrease. now, the deficit can be zero this year and we would still have $16.7 trillion in debt. those are related but different issues, because the debt...
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Mar 12, 2013
03/13
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deficit reduction is an absolutely important goal and important to bring deficits down and bring debt to gdp, but they are part of -- those goals are part of the broader purpose here which is to grow the economy, and strengthen the middle class, and if you achieve one without the other two, you have not done right by the middle class of the country, and you probably have undermind the future economy of the united states so that's why the president focuses on balance, on the important goal of deficit reduction, signed into law, as you know, john, $2.5 trillion of deficit reduction so far and looks forward to working with congress to bring that total to beyond $4 trillion, which, in turn, if done in a balanced way, achieves the goal laid out. >> will the president be disappointed in senate democrats did not include one of the reforms that you often talk about on the podium on entitlements? >> the president has a proposal he made to the speaker of the does -- >> endorsedded by the party and suggested as political radio activity to it that people are afraid to touch. >> i think the questi
deficit reduction is an absolutely important goal and important to bring deficits down and bring debt to gdp, but they are part of -- those goals are part of the broader purpose here which is to grow the economy, and strengthen the middle class, and if you achieve one without the other two, you have not done right by the middle class of the country, and you probably have undermind the future economy of the united states so that's why the president focuses on balance, on the important goal of...
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Sep 18, 2013
09/13
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and we ran a deficit in terms of the deficit to gdp ratio. .. it had been on as steady increase. it recognized that house prices have started moving up, which is important for them some --, says the median income housecoat -- household, the biggest wealth they have is the equity in their home. on the right hand side we ask this question, is it a good time to sell the house. that is the green line on the bottom. you can see, that was sticking up 1 percent per month. this chart does not go back to it, but in january of 2012, you can see in november when we made the announcement it was up over 20 percent. continue moving forward. and now for the last couple of months it sort of flattened of. consumers have been getting more optimistic, but they have planned off as a way to, the debt ceiling debate, the question of interest rates, additional geopolitical risks in the middle east. consumers have sort of paused. is the economy on the right track of the wrong track? so two things here, the rise in the wrong track back in july and august of two dozen 11 was the last time we had the debt
and we ran a deficit in terms of the deficit to gdp ratio. .. it had been on as steady increase. it recognized that house prices have started moving up, which is important for them some --, says the median income housecoat -- household, the biggest wealth they have is the equity in their home. on the right hand side we ask this question, is it a good time to sell the house. that is the green line on the bottom. you can see, that was sticking up 1 percent per month. this chart does not go back...
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Oct 29, 2013
10/13
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how we drive down the deficit and there are all sorts of questions. house and senate democrats and republicans have very different visions for how we should be moving forward with their spending and budgeting and it's going to be interesting to watch and see where agreements are made and where they're not. >> host: on the hill what are people saying they're? do they have high hopes for the budget conference? >> guest: i think that everyone is being cautiously optimistic. i think the prospects for what we call a grand bargain may be somewhat elusive. the bottom line is it's going to be incredibly difficult to reconcile these differences. democrats want -- democrats want to raise taxes on the wealthy as a means of reducing the deficit and republicans have said that they do not want to put new or higher taxes on people. you know we have i believe seven house members and four are republicans and three democrats in the house going into these negotiations. we have the entire senate budget committee. each side gets one vote. they have to come to an agreement
how we drive down the deficit and there are all sorts of questions. house and senate democrats and republicans have very different visions for how we should be moving forward with their spending and budgeting and it's going to be interesting to watch and see where agreements are made and where they're not. >> host: on the hill what are people saying they're? do they have high hopes for the budget conference? >> guest: i think that everyone is being cautiously optimistic. i think the...
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Feb 13, 2013
02/13
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what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on the debt, those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about a trillion dollars. you all just heard what the deficit was last year, $1.3 trillion, meaning that you could do away with the entire federal government with the exception of medicare, medicaid, social security, and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. it's incumbent upon us to come up with solutions, positi
what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on...
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Jan 10, 2013
01/13
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because this was supposed to be a deficit reduction bill. they said, well, of that 24 billion, half of it's going to come from this change in the tax cold, something they're doing -- tax cold, something they're doing with roth iras. the other half they're paying for by reducing the budget caps. they reduced the budge p caps two billion in the security styled, two million in the nonsecurity side for fy-13. in fy-14 they're using the other definition, defense and nondefense. they reduced it by four billion in defense and four billion in nondefense. so it adds up to 12 billion in reduction in caps. that's why we see dod as not reduced as much in fy-13, but it actually gets reduced by about four billion more in fy-14, and then after that the numbers come back up and start to grow with inflation. they're the same as they would have been. in fy-15 to fy-21, they're the same as they would have been under the original sequester. tony. >> [inaudible] 485 billion in -- [inaudible] earlier this year we're talking about the original sequestration we're
because this was supposed to be a deficit reduction bill. they said, well, of that 24 billion, half of it's going to come from this change in the tax cold, something they're doing -- tax cold, something they're doing with roth iras. the other half they're paying for by reducing the budget caps. they reduced the budge p caps two billion in the security styled, two million in the nonsecurity side for fy-13. in fy-14 they're using the other definition, defense and nondefense. they reduced it by...
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Feb 26, 2013
02/13
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communities depend on, the wealthiest americans shouldn't have to make any further contributions to deficit reduction. now the last few years have been very difficult ones for bipartisanship, but i truly believe all of us know there is a smarter way to reduce our debt and deficit. we can do better than throwing up our hands and permitting these across-the-board cuts to go into effect. and we know the american people deserve better. that is exactly why democrats have put forward a credible, responsible plan to replace sequestration. our legislation builds on the precedent set in the year-end deal and it is in line with the balanced approach the american people favor. it would replace half of the first year of sequestration with responsible spending cuts and half of it with revenue for those who can afford it the most. our bill calls on the wealthiest americans to pay at least the same marginal tax rate on their income as our middle-income families pay. and it would eliminate needless tax breaks for oil and gas companies and companies shipping jobs overseas. and at the same time our replaceme
communities depend on, the wealthiest americans shouldn't have to make any further contributions to deficit reduction. now the last few years have been very difficult ones for bipartisanship, but i truly believe all of us know there is a smarter way to reduce our debt and deficit. we can do better than throwing up our hands and permitting these across-the-board cuts to go into effect. and we know the american people deserve better. that is exactly why democrats have put forward a credible,...
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Mar 14, 2013
03/13
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it does not reduce the deficit and 10 years. we don't post it because i'm medicare and got programs that help the middle class and turned around to give huge tax breaks to millionaires, that's a value choice. congressman ryan is also claiming a different kind of balance. he says by 2023, his plan will bring outlays and revenues into total balance and reduce annual deficits to zero. what hasn't been focused on his that's just not sure. what is budget truly achieve balance? only if you believe in magic. the trick is congressman ryan's fiscal plan relies on a lot of budgetary sleight of hand in order to create the illusion of a balanced budget. the document is filled with deceptive gimmicks, far-fetched assumptions and tony arithmetic. there is a report called paul ryan's hocus-pocus budget. the house gop magic tricks that create the optical illusion of a balanced budget. a month of magic tricks ryan performs, presto come he proposes more than 4.5 million -- trillion in tax cuts for wealthiest americans get claims this one into the
it does not reduce the deficit and 10 years. we don't post it because i'm medicare and got programs that help the middle class and turned around to give huge tax breaks to millionaires, that's a value choice. congressman ryan is also claiming a different kind of balance. he says by 2023, his plan will bring outlays and revenues into total balance and reduce annual deficits to zero. what hasn't been focused on his that's just not sure. what is budget truly achieve balance? only if you believe in...
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Oct 9, 2013
10/13
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we'd still have a deficit. and for people who say that we can only focus on domestic discretionary spending or squeeze that to reduce the deficit further -- did the deficit is down from $1.4 trillion four years ago to about half of that today. still way too big. but we can't get from here to where we need we want to go by g just on domestic discretionary spending screng. i like to say there are three things we need to do. dr. coburn has heard it more times than he wants to remember. the presiding officer as well. three things we need to do if we're serious about deficit reduction. facing the realities of today, number one, entitlement reform. these are the president's words, entitlement reform that savings money --, saves money, that saves these programs for our kids and our grandchildren. and entitlement reform -- these are my words -- entitlement reform that doesn't savage old people or poor people but is sensitive to the least of these in our society. second thing we need to do is to focus on revenues. we ne
we'd still have a deficit. and for people who say that we can only focus on domestic discretionary spending or squeeze that to reduce the deficit further -- did the deficit is down from $1.4 trillion four years ago to about half of that today. still way too big. but we can't get from here to where we need we want to go by g just on domestic discretionary spending screng. i like to say there are three things we need to do. dr. coburn has heard it more times than he wants to remember. the...
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Jul 7, 2013
07/13
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. >> the trillion dollar deficits. >> and it does not look like the republicans are hoping a city. will you write a book for them? >> something about that and i think the republicans demean no, there are people all across the spectrum of both parties. i was asked -- i was speaking about my other book at fort leavenworth, the military base, not the prison. [laughter] and there were 1490 majors for mostly our country, but from around the world. it is a big school. someone asked me, what is the biggest problem that i worry about when i go to bed at night. the answer was american weakness why said that? i think the signal is being sent out from this country is that basically we are modeling american economy of your and it is a failed model. does not work. and there is no way that you can have the deficits we have had and have the debt we are incurring without sending out a signal to the world that this country is not born to be what it was in the past. there is no way that you can do that. you're not going to -- people take that message and they see it. and the -- then you turn around.
. >> the trillion dollar deficits. >> and it does not look like the republicans are hoping a city. will you write a book for them? >> something about that and i think the republicans demean no, there are people all across the spectrum of both parties. i was asked -- i was speaking about my other book at fort leavenworth, the military base, not the prison. [laughter] and there were 1490 majors for mostly our country, but from around the world. it is a big school. someone asked...
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Dec 28, 2013
12/13
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. >> but now it doesn't seem like -- >> now we have a trillion dollar deficit. >> it doesn't look like the republicans are helping any. so will you write a book for them? >> i think the republicans -- there are people across the spectrum in both parties. but i was speaking about my other book, "known and unknown" at fort levinworth, the army base not the prison. it is a big school there. and someone asked me what is the biggest problem that i worry about when i go to bed at night. american weakness was the answer and why do i say that? i think the signal being sent out from this county is we are modeling american economy on europe and that is a failed model. it doesn't work. there is no way you can have the deficits we have had and have the debt we are accruing without sending out the signal this county isn't going to be what it was like in the past. people take that message and see it. and then you turn around. when i went to washington, esionhour was president. we were spending 10% on gross defense and today less than 4%. the signal that knows out to the world is we have cut $193 bil
. >> but now it doesn't seem like -- >> now we have a trillion dollar deficit. >> it doesn't look like the republicans are helping any. so will you write a book for them? >> i think the republicans -- there are people across the spectrum in both parties. but i was speaking about my other book, "known and unknown" at fort levinworth, the army base not the prison. it is a big school there. and someone asked me what is the biggest problem that i worry about when i...
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Mar 8, 2013
03/13
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therefore we deem it necessary to increase the deficit and government data. it should also be noted that china has a relatively low debt to gdp ratio and increased the deficit this year will bring the ratio to about 2%, which is overall at a safe level. sack act, we will improve the tax cut policy as we continue to inform the tax system. disposals will be accelerating the pilot project to replace, improving the way these trials are conducted in expanding that to more areas and sectors in a timely manner. third, we work hard to optimize the structure of government expenditures that continue to give priority to spending education, medical and health care, social security and other areas important to people's well-being. expenditures and expenses than perhaps everything we do. investment for the central government budget and government subsidized housing projects, infrastructure projects to agriculture and utility networks and other projects to improve people's well-being with emissions reductions. we will probably handle the repayments and follow-up financing f
therefore we deem it necessary to increase the deficit and government data. it should also be noted that china has a relatively low debt to gdp ratio and increased the deficit this year will bring the ratio to about 2%, which is overall at a safe level. sack act, we will improve the tax cut policy as we continue to inform the tax system. disposals will be accelerating the pilot project to replace, improving the way these trials are conducted in expanding that to more areas and sectors in a...
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Sep 17, 2013
09/13
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reduction, the policy reduced to deficit, and timing of deficit reduction. democratic theory does not say what the federal debt is. nor what the right amount of federal spending and revenues are. a significant reduction in debt from the current percentage of gdp would require substantial changes in tax policy spending policy or both. as an illustration, if lawmakers want to bring debt down to 31% of gdp in 2038 using policies phased in over the next decade they need to enact a combination of increase in cut and revenue that would total $4 billion over the decade. in deciding how quickly to reduce deficit they face difficult trade-off. waiting to cut federal spending or taxes would thread a greater accumulate of debt and increase the size of the policy adjustment needed to achieve any debt target. however, implementing spending cuts or tax increases quickly would weaken the economic expansion and give people little time to plan for and adjust to the policy changes. the negative short term effect of deficit reduction on output and employment would be especiall
reduction, the policy reduced to deficit, and timing of deficit reduction. democratic theory does not say what the federal debt is. nor what the right amount of federal spending and revenues are. a significant reduction in debt from the current percentage of gdp would require substantial changes in tax policy spending policy or both. as an illustration, if lawmakers want to bring debt down to 31% of gdp in 2038 using policies phased in over the next decade they need to enact a combination of...
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Feb 26, 2013
02/13
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, much larger deficits than that. but back then in the 1980's we put on the gramm-rudman spending caps and things like that, gram h.u.d. man hollings and other efforts over -- gram rudman hollings, we have caps for the next fine nien years when it comes to federal spending and i think people don't always appreciate that because what they hear out of washington is instead of people really explaining what's going on and trying to help the american people understand what they get from washington is blame, blame, blame. i cannot count the number of press conferences we've had where one side's come out and blamed the other side. i know some of the house members just came out and blamed the senate. democrats are blaming republicans. republicans are blaming the president. the president is blaming the congress. it just goes on and on and on, never stops, it's a dead-end street. the truth is we voted for sequester. i don't care who came up with the idea. we voted for it. and as we talked about many, many times on this floor, t
, much larger deficits than that. but back then in the 1980's we put on the gramm-rudman spending caps and things like that, gram h.u.d. man hollings and other efforts over -- gram rudman hollings, we have caps for the next fine nien years when it comes to federal spending and i think people don't always appreciate that because what they hear out of washington is instead of people really explaining what's going on and trying to help the american people understand what they get from washington...
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Dec 27, 2013
12/13
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i think there's three things we ought to do for deficit reduction which makes it simple. not one, anton reforms that saves money, space programs, doesn't savage for people. number two, tax reform that eliminates a number of our tax expenditures. we've got a lot of them. some of them have met their purpose and they need to be retired or modified. the use of some revenues we generate with the use of corporate tax rates and use of revenues for deficit reduction. number three, just look at everything we do and see across the government had to be get better results for less money for everything we do. those are three things i continued to harp on. but one of the things you do with the budget resolution, and omnibus appropriations bill, separate appropriation bills that fall is the we move away a little bit away from sequestration across the board cut to allow agencies, departments could have better savings. we need to allocate their resources. hopefully that is something that will enable us to look at risk, put more money there and there is less risk, be able to the list wante
i think there's three things we ought to do for deficit reduction which makes it simple. not one, anton reforms that saves money, space programs, doesn't savage for people. number two, tax reform that eliminates a number of our tax expenditures. we've got a lot of them. some of them have met their purpose and they need to be retired or modified. the use of some revenues we generate with the use of corporate tax rates and use of revenues for deficit reduction. number three, just look at...
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Apr 12, 2013
04/13
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forgetting for the moment the fact that the deficit that is eating us alive come with a massive deficit to infrastructure in this country, that the applications for tax and on and on, clearly money can be cut out of defense budget over the course of the next 10 years that won't impact our national security and that will help our budget picture. so just talk a little bit about brac and some of the tricare fees and where we might be able to save money in a way that doesn't affect i shall security, for which are going to once to take a stab at it. >> well, thank you. i'll respond and then i'll ask general dempsey, and he mentioned the comptroller, mr. hill, he may want to respond as well. let me address your larger question. if, in fact, we are facing the reality that we are facing, then we're going to plan, adjust, review, and take it pretty hard look at everything. and i think the chairman's comments in his testimony, matching the resources with the nation, is a particularly important comment. because we can't put our military, all those who support our military, in a position where they
forgetting for the moment the fact that the deficit that is eating us alive come with a massive deficit to infrastructure in this country, that the applications for tax and on and on, clearly money can be cut out of defense budget over the course of the next 10 years that won't impact our national security and that will help our budget picture. so just talk a little bit about brac and some of the tricare fees and where we might be able to save money in a way that doesn't affect i shall...
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Feb 13, 2013
02/13
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your testimony goes in to try care deficits by year-end. a guardsman whose full-time civilian job is a dod civilian job wanted to talk about what furloughs mind another safety medical retirement want to talk a little bit about workforce they might be going back into an potential effect on the economy of drastic cuts that would make it harder for them to get traction to civilian life. this is a series are expected to be talking about many things, but what i heard and ended up talking about was budgetary insurgency. this follows the testimony secretary secretary panetta and dempsey last week. i wanted to ask questions focusing on sunday the issues. the announcements last week with the truman and lincoln. i know one of the priorities are focusing on is trying to make decisions that are in fact reversible should congress to her business and get this right. some of the decisions even now, how long can we persist down that path before decisions are to have the reversible effect of readiness in shape of incapacity? >> senator, beginning february 1
your testimony goes in to try care deficits by year-end. a guardsman whose full-time civilian job is a dod civilian job wanted to talk about what furloughs mind another safety medical retirement want to talk a little bit about workforce they might be going back into an potential effect on the economy of drastic cuts that would make it harder for them to get traction to civilian life. this is a series are expected to be talking about many things, but what i heard and ended up talking about was...
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Jan 17, 2013
01/13
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lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that would come through reforming the tax code, reducing preferences, exclusions that are shot through the tax code, to actually be able to reduce rates and raise additional revenue. for anybody that wanted can you really do that, remember tax expenditures are running $1.2 trillion a year. we are spending more for the tax code than we are through all of the appropriate accounts of the federal government. this is what happens to the deficit in the share of gdp under the fiscal commission plan. you can see a dramatic improvement. the fiscal cliff plan, and what was just ado
lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that...
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Aug 9, 2013
08/13
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but it also imposed a requirement, in over a trillion dollars in deficit reduction through automatic, across-the-board cuts take place, unless we reached a compromise to avoid those cuts. now, those cuts were so deep and so irrational that most of us assumed that we would reach a compromise to avoid them. but we did not. and those cuts, known as sequestration, were triggered for the fiscal year 2013, where we're at right now. they have halted those cuts training for one-third of the air force's fighter and bomber squadrons, the navy's deferred double maintenance on scores of aircraft and ships that were planned for this year. the armies canceled rotations to its national training centers. each service has had to reduce maintenance programs to restore equipment, after more than a decade of harsh and constant combat. and have also had to cut modernization programs. while some in congress regard all these cuts as savings, i sure don't. preparing the damage will only grow more costly as the years come. after so much recent evidence of the value of the total force, active and reserve compo
but it also imposed a requirement, in over a trillion dollars in deficit reduction through automatic, across-the-board cuts take place, unless we reached a compromise to avoid those cuts. now, those cuts were so deep and so irrational that most of us assumed that we would reach a compromise to avoid them. but we did not. and those cuts, known as sequestration, were triggered for the fiscal year 2013, where we're at right now. they have halted those cuts training for one-third of the air force's...
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Jan 17, 2013
01/13
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we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a deficit, an important urgent need to address the issue of energy and independence and opportunity that's sitting right in front of us ready to be advanced in the next year or two, but that requires leadership and initiative in washington and immigration reform, again, the subject that was discussed before. one more word, finally, about the process. for this, i go back to an earlier part of my life as a professor of law and one of the subjects i taught every year was negotiation. negotiation of a variety of contacts from international to commercial and transactional to labor management dispu
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a...
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Apr 20, 2013
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have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic. thank you very much. >> thank you very much. [applause] >> let me just start the questions by asking you, we have seen major initiatives in both the united states and europe to regulate banks. is more coordination needed between the two of us and if so, how would you recommend that we could achieve that. >> obviously more coordinate needed, but we try to find solutions in europe. we know that u.s. has in some way gone ahead, but we will work -- we discuss -- it's not most problematic issue actually, to have common understanding
have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic....
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Oct 29, 2013
10/13
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we're talking about annual deficits quadrupling. if we let mandatory spending reach that point where it becomes 100% of the deficit, which is what they project, if we allow our national debt to reach two and a half times the entire size of our economy, it's about the size of our economy now. it's going to go up to two and a half times the size of our economy, it will be the next generation that will pay and pay dearly and our legacy will be one of bankruptcy, ct skyrocketing interest rates, skyrocketing unemployment rates and the collapse of these vital programs we talked about earlier, medicaid, medicare and social security. and again, this is not ideology. this is math. it's fact. it's fact that has been reiterated by the congressional budget office, the trustees of social security, the trustees of medicare, their trust funds time and time again. so this is our opportunity, mr. president, to do something about it. at least take the first steps, both in terms of ending government shutdowns as i have talked about but also this under
we're talking about annual deficits quadrupling. if we let mandatory spending reach that point where it becomes 100% of the deficit, which is what they project, if we allow our national debt to reach two and a half times the entire size of our economy, it's about the size of our economy now. it's going to go up to two and a half times the size of our economy, it will be the next generation that will pay and pay dearly and our legacy will be one of bankruptcy, ct skyrocketing interest rates,...
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Mar 21, 2013
03/13
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managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this. you're not using smoke and mirrors. you're using a realistic baseline in order to do the deficit reduction. it's achievable. it's doable. it's credible. and you deal with tax expenditures. one more point about tax expenditures, senator coons, because you're exactly right. we have provisions in the spending programs of this country that invest in energy security, and that's subject to sequestration because it's an appropriation bill, but we have provisions in the tax code that gives special breaks to the oil and gas industry. these are expenditures. these are revenues that we're hemorrhaging. they
managing our deficit in a credible way that will get our deficit under control, it builds on the deficit reductions we've already done, we have already done since we started this debate and simpson-bowles recommendations came out. we have already done $2.4 trillion in deficit reduction, $1.8 trillion in spending reductions, $600 billion in revenues. this is very similar to how the simpson-bowles proposal was made. you have a plausible baseline. i'm not going to get too technical about all this....
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May 9, 2013
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. -- deficit reduction. for defense it contains $150 billion more in ten-year cuts compared the last year's plan on top of the 487 billion reflected in the department of defense's fiscal year 2013 budget. most of these cuts occur beyond 2018 which gives us time to plan and adjust. while no agency wants to cut its budget, the president's plan is much more practical than the cuts that would occur under the budget control act. cuts that could amount to to $52 billion in fy-2014 alone and a total of $500 billion over the next ten years. we urgently need congress to grant us stability, time and flexibility. the house budget resolution, the senate budget resolution and, of course, the budget control act all confront us not with stability, but with an exceedingly wide range of future scenarios for our budget. we also need congress' support to have the flexibility to make budget cuts where they are most in the interests of long-term national defense. last year congress denied proposals we had made ranging from healt
. -- deficit reduction. for defense it contains $150 billion more in ten-year cuts compared the last year's plan on top of the 487 billion reflected in the department of defense's fiscal year 2013 budget. most of these cuts occur beyond 2018 which gives us time to plan and adjust. while no agency wants to cut its budget, the president's plan is much more practical than the cuts that would occur under the budget control act. cuts that could amount to to $52 billion in fy-2014 alone and a total...
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Oct 5, 2013
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deficit reduction measures over the last several decades have been paired with increases in the debt ceiling. almost 30 years ago we had the balanced budget and emergency deficit control act of 1985, otherwise known as gramm-rudman-hollings. i was a staffer here at the time. that was done in the context of the debt ceiling. we've had several measures in the 1990's that reduced our deficits that were done in association with an increase in the debt ceiling. most recently -- we all remember this -- the budget control act of 2011 which resulted in restraint largely on the discretionary side of the budget, which many of us would like to change, but it's also resulted for the first time since the 1950's in two consecutive years where the federal government spent less than it spent the previous year, first time since the korean war. the common denominator is that these deals were paired with an increase in the debt ceiling. so, mr. president, the point i'm trying to make here is that for those of my friends who are arguing that negotiating around our debt ceiling is unprecedented, perhaps
deficit reduction measures over the last several decades have been paired with increases in the debt ceiling. almost 30 years ago we had the balanced budget and emergency deficit control act of 1985, otherwise known as gramm-rudman-hollings. i was a staffer here at the time. that was done in the context of the debt ceiling. we've had several measures in the 1990's that reduced our deficits that were done in association with an increase in the debt ceiling. most recently -- we all remember this...
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Mar 17, 2013
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the best deficit reduction program is a growing economy and strangely if you see the debate washington day very little of it is about economic growth and a lot of it is about what my dad would say it your broccoli, it's about the austerity and the toughness that has to get done. don't get me wrong but it's much easier to get done in the context of high sustained growth where jobs are being created and jobs are of value for people to be able to further their dreams. i have three suggestions that i don't think that partisan. they are not necessarily ideological but if we pause on all the other stuff and there are good things to fight about trust me, that we can get to the point where we have higher sustained growth. one would be to create a patriotic energy prop -- based on innovation and north american resources. second, to reform our immigration system and move it towards something that would be part of the high-growth economic strategy true to our heritage respecting the rule of law, but moving it to the 21st century where our brand which is not around the world would allow high high
the best deficit reduction program is a growing economy and strangely if you see the debate washington day very little of it is about economic growth and a lot of it is about what my dad would say it your broccoli, it's about the austerity and the toughness that has to get done. don't get me wrong but it's much easier to get done in the context of high sustained growth where jobs are being created and jobs are of value for people to be able to further their dreams. i have three suggestions that...
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May 26, 2013
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there is no way to have the deficits we have and the debt we are incurring without sending a signal to the world that this country will not be what it was in the past. there is no way you can do that. people take that message and then you turn around and eisenhower was president then we came at a of the navy serving under kennedy johnson we were spending 10% of gdp on defense today we spend less than 4%. in europe it is less than 2% this signal that goes out to the world with the sequestration is recap $493 billion out of the pentagon budget and we are about to cut another half a trillion now we're close at $950 billion out of the tenure budget. but they're not in a position to contribute to a more peaceful and stable world in the decade ahead. [laughter] ♪ >> mr. secretary in the back of the room someone with the question. >> we will count him as undecided. [laughter] [cheers and applause] >> mr. secretary, i am in the back. first, i want to thank you for your service and i want to ask since the start of the iraqi war over gin years i would like to ask you what you think will happen
there is no way to have the deficits we have and the debt we are incurring without sending a signal to the world that this country will not be what it was in the past. there is no way you can do that. people take that message and then you turn around and eisenhower was president then we came at a of the navy serving under kennedy johnson we were spending 10% of gdp on defense today we spend less than 4%. in europe it is less than 2% this signal that goes out to the world with the sequestration...
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Feb 14, 2013
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that being the case if we look at the deficit to two guys named about $450 billion and a deficit in 2012 with revenue returning to the 2008 levels. the thing driving at this point is lower than they have been, but spending is higher than it has been. is that an accurate statement? >> you are right but spending is going up very sharply. the problem he faces perspective of many americans now starting to retire. there are benefits they expect individually. the fact that they are by 10 and 20 years ago doesn't appear to time as the benefits are getting, but you could multiply by a lot more people that the aggregate spending goes up and that's the challenge you and your colleagues face. >> it is indeed. we look forward to working through the pressure process of the saving strength and insecure programs as opposed to move in the direction of essentially lopping off funding for those programs at the expense of those beneficiaries is a debate we will have. >> see more of douglas doug elmendorf's testimony on capitol hill tonight on c-span 2 at 8:00 p.m. eastern. >> he thought she was the smartes
that being the case if we look at the deficit to two guys named about $450 billion and a deficit in 2012 with revenue returning to the 2008 levels. the thing driving at this point is lower than they have been, but spending is higher than it has been. is that an accurate statement? >> you are right but spending is going up very sharply. the problem he faces perspective of many americans now starting to retire. there are benefits they expect individually. the fact that they are by 10 and 20...
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Feb 28, 2013
02/13
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and let's reduce the deficit as a result of that agreement. but, he said, just to make sure that you take it seriously, if you don't reach an agreement, then as of this year -- 2013 -- we're going to have automatic spending cuts called sequestration. and the sequestration cuts are not going to be very kind. they're going to be across-the-board cuts by each line-item of the budget. so to avoid that, do the right thing. reach a bipartisan agreement in the super committee. and we failed. we failed when the republicans of the committee said no revenue, no taxes. sorry. we'll just talk about spending cuts and cutting medicare. that's all we're interested in talking about. end of story. end of super committee. welcome to the world of sequestration. the threat that was supposed to make the super committee act is now about to become the reality. and the reality means that in the remainder of this year, we do fiscal years, not calendar years, between now and september 30 we need to cut $85 billion in spending, half of it on the defense side and half on
and let's reduce the deficit as a result of that agreement. but, he said, just to make sure that you take it seriously, if you don't reach an agreement, then as of this year -- 2013 -- we're going to have automatic spending cuts called sequestration. and the sequestration cuts are not going to be very kind. they're going to be across-the-board cuts by each line-item of the budget. so to avoid that, do the right thing. reach a bipartisan agreement in the super committee. and we failed. we failed...
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Mar 13, 2013
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you talk to the congressional budget office and i talk about the deficit reducer over the long run because despite the expenses up front to get it going, there will ultimately be coverage to reduce pressure on things like medicare and other alleman the law touches. republicans scream from the rooftops this law will break the bank even if your democrats say this isn't how we break the bank. we don't break the bank. >> host: independent in hague, north dakota. >> caller: yes, sir. my name is joe frank. a few questions if you can explain to me. you were just talking about breaking the bank. we lost our dad when i was 12 years old. one brother nine months old, my mother was 34. she never took a dollar from the government. we have three sisters and we stuck it out. i've been paying health insurance are hoping my mother's and spent 12 years old is when i bought my first callous or earned them. and now i'm 75 and i'm an educator. they say medicare is breaking the bank and my wife and i have $12,607 a year for our medicare. you tell me, sir, why that should be breaking the bank because everybody h
you talk to the congressional budget office and i talk about the deficit reducer over the long run because despite the expenses up front to get it going, there will ultimately be coverage to reduce pressure on things like medicare and other alleman the law touches. republicans scream from the rooftops this law will break the bank even if your democrats say this isn't how we break the bank. we don't break the bank. >> host: independent in hague, north dakota. >> caller: yes, sir. my...
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Jan 19, 2013
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the deficit let's walk back to the hotel, about to return miles we did. we walked back here. by this time it was good to be either to:00 at night and said i would pick him up in the morning and taken to the airport, which said it. i knew the flight. we got out that the airport. he did something which was very curious. it was with the minister had done with him. that is, just before he went tour is planned he turned around , put his suitcase down and threw his arms around me and give me a hug. it was a wonderful bond. the other story, to tell you is a very grim story. the most difficult part of the story is that we in the embassy been nothing about it. it turned out the ambassador did know anything about it. if we believe in civilian control the military is a heavy tank. the head to of supervised the creation of a new american cultural center not too far -- on the other side, just a block down from the hotel. so we had bought up this big old palace. we were turning it into a culture center. clinical trial an attache, and he was going to do it. we had three assists and cultural
the deficit let's walk back to the hotel, about to return miles we did. we walked back here. by this time it was good to be either to:00 at night and said i would pick him up in the morning and taken to the airport, which said it. i knew the flight. we got out that the airport. he did something which was very curious. it was with the minister had done with him. that is, just before he went tour is planned he turned around , put his suitcase down and threw his arms around me and give me a hug....
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May 26, 2013
05/13
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. >> but now doesn't doesn't seem like -- >> but now we have trillion dollar deficits. >> it doesn't look like the republicans are helping us any, so will you write a book for that? >> well, let me say about him something about that. i think the republicans, you know, there are people all across the spectrum in both parties. but i was asked, i was speaking about my other book, known and unknown at fort leavenworth. the military base, not the prison. [laughter] and there were i think 1490 majors from most our country but from around the world, too. it's a big school there. and someone asked me what's the biggest problem that i worry about when i go to bed at night. and the answer was, american weakness. why do i say that? i think the signal being sent out from this country is that basically we are modeling american economy on europe, and it's a failed model. it doesn't work. and there's no way you can have the deficits we have and have the debt we are incurring without sending out a signal to the world that this country is not going to be what it was in the past. there's no, we can do
. >> but now doesn't doesn't seem like -- >> but now we have trillion dollar deficits. >> it doesn't look like the republicans are helping us any, so will you write a book for that? >> well, let me say about him something about that. i think the republicans, you know, there are people all across the spectrum in both parties. but i was asked, i was speaking about my other book, known and unknown at fort leavenworth. the military base, not the prison. [laughter] and there...
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Apr 12, 2013
04/13
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debt deficit was one of the biggest concerns with respect to national security. we're really trying to do with so many across america believe it's correct to do and not a scooter fiscal fiscal house in order. i've been one of those people who said everybody has to put some in on the table. entitlement, defend and so many discretionary programs that some people like to cut all the time. this congress, because this super committee was not able to, but cuts, this is where we are. secretary haeckel, i don't think you're brought in to cut defense. their patent to follow the law and to us if we need to change course of action, how to do that and why we need to do that. my question to you today and am i not in the 17 years been on this committee, when i first came to congress, our defense budget was a little bit under $300 billion a year and as we went into two wars, over a decade, our budget but elected to spending rose to about $800 billion a year. i don't enthused in a single department that can be seen that. some are getting out of the second or, coming back and i t
debt deficit was one of the biggest concerns with respect to national security. we're really trying to do with so many across america believe it's correct to do and not a scooter fiscal fiscal house in order. i've been one of those people who said everybody has to put some in on the table. entitlement, defend and so many discretionary programs that some people like to cut all the time. this congress, because this super committee was not able to, but cuts, this is where we are. secretary...
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Jun 1, 2013
06/13
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no way you can have the deficits you've had and have the debt we're incurring without sending out a small to the world that this country east not going top what it was in the past. there's no way to do that. if you're not going to act responsibly, people take that message, and they see it, and you turn around, and when i went to washington, eisenhower was president, and i served with kennedy and johnson in the congress, and we spent 10% of gross domestic product on defense. today we spend less than 4%. our allies in europe spend less than 2%, and the signal that goes out to the world, now with this sequesteration, is that we cut $493 billion out of the pentagon's defense budget and about to cut another half trill bringing it close to $950 billion out of a ten-year budget. the signal that that sends to the world is that the united states is not going to be in a position to contribute to a peaceful and stable world in the decade ahead. >> [inaudible] [inaudible conversations] ♪ [laughter] [audience reacts] >> mr. secretary, in the rear of the room, a questioner. >> we'll count him as unde
no way you can have the deficits you've had and have the debt we're incurring without sending out a small to the world that this country east not going top what it was in the past. there's no way to do that. if you're not going to act responsibly, people take that message, and they see it, and you turn around, and when i went to washington, eisenhower was president, and i served with kennedy and johnson in the congress, and we spent 10% of gross domestic product on defense. today we spend less...
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Feb 27, 2013
02/13
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and we're sharing the sacrifice in bringing down the deficit. we're not dumping it on a few people or in a dumb way. senators like john mccain had similar statements. you're a republican governor along with governors around the country said they want congress to stop the sequesters to stop the cuts. but i just have to be honest. there are too many republicans in congress right now who comprise an inch when it comes to closing tax loopholes especially the tax breaks. that's what is holding things up right now. keep in mind nobody is asking them to raise income tax rates. we are asking them to consider closing tax law school hope and -- loophole and deductions that the speaker was willing to do. he said there was a bunch of loophole and deduction you can close. you can raise $800 billion by closing loopholes. we're not even asking for that much. all we're asking is that they close loopholes for the well off and the well -- for hedge fund managers for oil companies or corporate jet owners. who are doing very well and don't need the tax loophole so
and we're sharing the sacrifice in bringing down the deficit. we're not dumping it on a few people or in a dumb way. senators like john mccain had similar statements. you're a republican governor along with governors around the country said they want congress to stop the sequesters to stop the cuts. but i just have to be honest. there are too many republicans in congress right now who comprise an inch when it comes to closing tax loopholes especially the tax breaks. that's what is holding...
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Feb 27, 2013
02/13
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we're going to have a primary deficit. so what is this, primary deficit? well, you don't count interest. i kid you not, the budget director of the united states of america said this statement in effect as i interpreted it was not inaccurate because he was not counting the interest on the debt. did he qualify that when he told the american people that? no, he did not. did he make any kind of representation to that fact? no. and i would suggest that the numbers clearly show even if you have that kind of bogus accounting where you don't count your interest, who could possibly write a household budget, a city budget, a state budget that didn't account for the interest you have to pay every year? how ridiculous is that? that's the kind of phony, gimmicky accounting that makes -- puts this country on a path to financial crisis. that's what he said, but even then by that definition, it was not true, and this would not be true, and it's false. well, well, phony accounting procedures, these budget manipulations and gimmicks like this primary balance idea is the way
we're going to have a primary deficit. so what is this, primary deficit? well, you don't count interest. i kid you not, the budget director of the united states of america said this statement in effect as i interpreted it was not inaccurate because he was not counting the interest on the debt. did he qualify that when he told the american people that? no, he did not. did he make any kind of representation to that fact? no. and i would suggest that the numbers clearly show even if you have that...
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Nov 13, 2013
11/13
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but much is going to ride on their success in finding a different approach to deficit reduction. many of us have made suggestions to them as to how to come up with a balanced approach to deficit reduction which can substitute a sensible approach for an irrational approach called sequestration. we're not going to ask you to get into that kind of detail in terms of the work of the budget committee because the conference, because number one, i doubt you are privy to it, but secondly it's a little bit off the subject here today which are the impacts of sequestration the clearer those impacts are laid out -- and you have laid them out very clearly -- the more likely it is, i believe, that that budget conference will find a path replace the sequestration in '14 with something that makes sense in terms of fiscal responsibility, but something that makes sense in terms of the security of this nation. as you have very powerfully pointed out in both your oral testimony, your written testimony and your prior testimonies, sequestration is damaging to the national security of this country. in
but much is going to ride on their success in finding a different approach to deficit reduction. many of us have made suggestions to them as to how to come up with a balanced approach to deficit reduction which can substitute a sensible approach for an irrational approach called sequestration. we're not going to ask you to get into that kind of detail in terms of the work of the budget committee because the conference, because number one, i doubt you are privy to it, but secondly it's a little...
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Feb 1, 2013
02/13
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so we are very worried about the deficit. and also what kind of deficit will we will be leaving to our heirs. there is a national security deficit that is growing and that will continue to grow. it is a particularly american conceit of the world goes away or stops when we stop paying attention to it. the fact of the matter is that the problems that we see in the world will not go away or if we don't cost them by looking at them and we can't stop them by ignoring them. the enemies who want to kill us, and it's amazing to me how comfortably we forget the fact that there are large groups, including the entire state of iran, where leaders wake up every day and ask themselves what can i do to kill americans today. that is not eight. of war receding. we will leave for our children and incredibly dangerous world. .. .. as this is.
so we are very worried about the deficit. and also what kind of deficit will we will be leaving to our heirs. there is a national security deficit that is growing and that will continue to grow. it is a particularly american conceit of the world goes away or stops when we stop paying attention to it. the fact of the matter is that the problems that we see in the world will not go away or if we don't cost them by looking at them and we can't stop them by ignoring them. the enemies who want to...
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Jan 15, 2013
01/13
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but in this time of trillion dollar budget deficits and bailouts and platinum coins, i think we've lost track of how much money this is. it comes to about $450 out of the budgets of an average household in this country. that's the tab for every household in america, $450. i do think they would begrudge a penny of that provided they were assured this was going for immediate emergency relief and recovery. but looking at the package, $50 billion worth, $16 billion is to quintuple the amount being spent for new development block grant, double that in the underlying rogers bill. we all know what that program is. it's question will projects, doggie day care centers in ohio and a day at the circus in new york. the only be has repeatedly urgently warned us that the program is in their word ineffective. that's the bureaucracies flout polite term for programs where they cannot trace the funding and cannot show any kind of effectiveness. the legal authorization for this program expired in 1994. this measure as i said when coupled the amount of things didn't. $2 billion is for road repairs anywhere
but in this time of trillion dollar budget deficits and bailouts and platinum coins, i think we've lost track of how much money this is. it comes to about $450 out of the budgets of an average household in this country. that's the tab for every household in america, $450. i do think they would begrudge a penny of that provided they were assured this was going for immediate emergency relief and recovery. but looking at the package, $50 billion worth, $16 billion is to quintuple the amount being...
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Feb 11, 2013
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[applause] not only did we eliminate the deficit, we created a surplus. this wasn't a republican accomplishment or a democratic accomplishment. it was an accomplishment we achieved together. the next year we used those surplus tax dollars wisely. we put some in our state savings account, increasing our reserve levels. we used some to increase funding for education, targeting reading and early childhood initiatives. we used a portion of the surplus to cut taxes, to create more jobs by curbing the double and triple taxation in construction and in manufacturing. and we provided a tax credit to help small businesses hire those who deserve jobs the most. our veterans returning from afghanistan and iraq. [applause] we have seen some encouraging signs in our economy. tourism is on the rise. with more growth in visitors to new mexico than was expected in arizona or colorado. we are building our state's strongest-ever relationship with new mexico border governors focusing on developing a border region near santa teresa creating jobs. major companies are once again
[applause] not only did we eliminate the deficit, we created a surplus. this wasn't a republican accomplishment or a democratic accomplishment. it was an accomplishment we achieved together. the next year we used those surplus tax dollars wisely. we put some in our state savings account, increasing our reserve levels. we used some to increase funding for education, targeting reading and early childhood initiatives. we used a portion of the surplus to cut taxes, to create more jobs by curbing...
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Dec 19, 2013
12/13
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there are three things to do for deficit reduction that makes it simple, entitlement reform saves the program, doesn't settle poor people, tax reform that uses, eliminates tax expenditures, we have a lot of them, some of which met their% they need to be retired or modified but revenue that we generate to reduce corporate tax rate and use of revenue for deficit reduction, look at everything we do and get better results for less money for everything we do. those are three things i continued to harp on but one of the things we do with the budget resolution, on the bus appropriation bill, separate appropriation bills that follow, sequestration across the board cuts to allow agencies, departments, to allocate their resources. hopefully that will enable us to look at risks, areas of risk, put more money there and areas of risks put less money there but in terms of what we can do to help you do your work better, give us one good idea. >> i will start. having answered my question, you had given my response and it is recognizing that this country there are a number of risks that we face. is a
there are three things to do for deficit reduction that makes it simple, entitlement reform saves the program, doesn't settle poor people, tax reform that uses, eliminates tax expenditures, we have a lot of them, some of which met their% they need to be retired or modified but revenue that we generate to reduce corporate tax rate and use of revenue for deficit reduction, look at everything we do and get better results for less money for everything we do. those are three things i continued to...
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Nov 1, 2013
11/13
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now, i understand why in general it's not good to have too much debt or run deficits; although, every household in america does, if you have a mortgage, you know, you are running deficits in some ways. you bought something to pay off gradually over time, or if you have student loans, car loans, or if, you know, put anything, you know, on a credit card from month to month. right now, interest rates are tremendously low, our economy's sluggish. it's a good time to be borrowing money as long as you borrow it for the right things. if you borrow money to buy beer, that's not helping you in the long run. it may be fun, but if you borrow money to, you know, send a kid to school, to go to educate yourself in a way, to house your family, those are good, solid investments so if you use money now, which we've borrow at a cheap rate, and hopefully there's not another shut down or default to raise rates, which is, you know, tremendously negative impact on what ted cruz and others brought about, but if you borrow money now to rebuild the infrastructure of the country, to invest in education, invest
now, i understand why in general it's not good to have too much debt or run deficits; although, every household in america does, if you have a mortgage, you know, you are running deficits in some ways. you bought something to pay off gradually over time, or if you have student loans, car loans, or if, you know, put anything, you know, on a credit card from month to month. right now, interest rates are tremendously low, our economy's sluggish. it's a good time to be borrowing money as long as...
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Nov 18, 2013
11/13
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-- to reduce the federal deficit. i've worked with colleagues for two years to try to address this issue. i've toured the country with kelley ayotte and lindsey graham and met community and business leaders. i joined with our distinguished chairman, carl levin, hosted a sayers of meetings with senators -- a hosted a series of meeting with senators to find common ground. none was to be found. so here we are, my friends, with an obvious impact for next year of sequestration, which would dramatically impact our ability to defend this nation. so in desperation, i'm asking my colleagues to at least agree to smoothing out this path, which would end up with the same reductions into spending -- in spending, but at least not hit this bottom level, which will cause us to have planes that won't fly, ships that can't sail, and men and women in the military unable to train and operate. and once we reduce and impact operations and maintenance, readiness suffers and readiness incapability only shows up over time. i spent last sunday
-- to reduce the federal deficit. i've worked with colleagues for two years to try to address this issue. i've toured the country with kelley ayotte and lindsey graham and met community and business leaders. i joined with our distinguished chairman, carl levin, hosted a sayers of meetings with senators -- a hosted a series of meeting with senators to find common ground. none was to be found. so here we are, my friends, with an obvious impact for next year of sequestration, which would...
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Sep 19, 2013
09/13
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and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and public interest groups including the public thrans tearns coalition, so-called fact coalition, americans for tax fairness, citizens for tax justice, the afl-cio, the everyone eiu, the sustainable business council, business for shared prosperity, the south carolina small business chamber of commerce, friends of the earth, new rules for global finance, u.s. public interest research group, global financial integrity, jubilee u.s. network and public citizen. frank napp, the president and c.e.o. of the south carolina small business chamber of commerce explained his sm
and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and...
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Jul 25, 2013
07/13
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a $500 billion deficit is a devastatingly large deficit. and as bad as that is, several years in the future, under current projections -- and this assumes that we live within the law -- within a few years these deficits start to explode again even beyond the current levels which are already unacceptable. so i just think that this is a very, very important -- this is the first appropriations bill that the senate is considering this year. this is the one that's going to determine whether we're going to go down a path of disregarding the bipartisan presidential signed law of the land which is in existence right now. this bill is designed to be part of a process that busts that wide open so that we spend more money that we can't afford. madam president, i think that would be a huge mistake. this is a motion to recommit back to the committee to report out a bill where they can establish the priorities and the allocation within the limit, but set the limit at a level that's consistent with the caps. and so, madam president, i move to commit s. 12
a $500 billion deficit is a devastatingly large deficit. and as bad as that is, several years in the future, under current projections -- and this assumes that we live within the law -- within a few years these deficits start to explode again even beyond the current levels which are already unacceptable. so i just think that this is a very, very important -- this is the first appropriations bill that the senate is considering this year. this is the one that's going to determine whether we're...
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Jul 4, 2013
07/13
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. >> but now it doesn't seem like -- >> now is a trillion dollar deficit. >> it doesn't look like the republicans are helping us any. so, will you write a book for them? >> let me say something about that. i think that the republicans, you know, there are people all across the spectrum in both parties. but, the -- i was asked -- i was speaking about leah their book known and unknown at fort leavenworth, the military base, not the present. [laughter] and there were i think 1490 majors from mostly our country but from around the world, too. it's a big school. someone asked me what is the biggest problem that i worry about when i go to bed at night? and the answer was american weakness. why do i say that? i think the signal that is being sent out from this country is that basically we are modeling american economy is on europe and it is a failed model. it doesn't work. and there is no way you can have the deficits that we have had and have the debt that we are incurring without sending out a signal to the world that this country is not going to be what it was in the past. there is no way
. >> but now it doesn't seem like -- >> now is a trillion dollar deficit. >> it doesn't look like the republicans are helping us any. so, will you write a book for them? >> let me say something about that. i think that the republicans, you know, there are people all across the spectrum in both parties. but, the -- i was asked -- i was speaking about leah their book known and unknown at fort leavenworth, the military base, not the present. [laughter] and there were i...